The European Commission published the Fourth Review report of Spain's compliance with the Financial Assistance Programme for the Recapitalisation of Financial Institutions. The report is based on the findings of a joint European Commission (EC)/European Central Bank (ECB) mission to Madrid during 16 – 27 September 2013.

The mission found that the stabilisation and repair of the financial sector have advanced further amid tentative signs of economic recovery. The timely and adequate implementation of the policy conditionality of the programme, together with visible progress with growth-enhancing structural reforms, contributed to a return of investor confidence.

In sum, the programme remains on track and the resilience of the financial sector has increased, so that there is no reason to foresee further programme disbursements at this stage. Two disbursements were made so far in a total amount of about EUR 41.3 billion for the recapitalisation of State aided banks and the capital injection into Sareb. The rest of the Spanish banks either were not diagnosed with a capital shortfall in the stress test or were able to cover it by private means.

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